'This is a major strategic step for Ladbrokes, which firmly accelerates our strategy to improve the customers' experience and build recreational scale,' Ladbrokes Chairman Peter Erskine stated as the deal became public. Ladbrokes also explained that the deal will be funded by issuing 93 million new shares, which represent 10 percent of the company. Kelly will become Ladbrokes Coral non-Executive Chairman, while Gala Coral Chief Financial Officer Paul Bowtell will maintain his position also in the new company. Ladbrokes' current shareholders will own 51.75 percent of the new business, while Gala Coral's shareholders - which include private equity funds Anchorage Capital Partners and Apollo Global Management - will control the remaining 48.25 percent.Īs announced on Friday, the new company will be led by Jim Mullen, who currently serves as Chief Executive Officer for Ladbrokes and will keep today's Gala Coral Chief Executive Officer Carl Leaver as Deputy Chairman for at least 12 months.įounder of Gala Coral Group Limited and currently Senior Independent non-Executive Director of Ladbrokes, John M. The operation will lead to the creation of a $3.4 billion business to be carried under a new company named Ladbrokes Coral. British betting and gaming company Ladbrokes plc has agreed on a merger deal with its former rival Gala Coral, the companies announced on Friday, July 24.

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